Iron Man Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account balances of Iron Man Corporation: Debits Credits Cash 60750 Allowance for Doubtful Accounts 2250 Accounts Receivable 22500 Accumulated Depreciation (Van) 45000 Inventory (637.5 units) 127500 Accumulated Depreciation (Fumiture & Fixtures) 3000 Van 48000 Accounts Payable 12000 Fumiture & Fixtures 13500 Common Shares 15000 Retained Earnings 195000 Total Debits 272250 Total Credits 272250 During May 2022, the following transactions took place: May 1: Bought 150 desktop printers for $300 each on account. May 1: Bought a van, paying $13500 cash as a down payment and signed a 7 month $37500, 6% note payable for the balance. The company paid $1200 to have its company logo painted on the side of the van. The residual value is $12000. The old van was sold for $9000; it cost $48000 and acculumated depreciation up to the date of disposal was $45000. May 10: Sold 210 printers to Okoye Inc. on account. May 12: Rand Enterprises agreed to sign a 60-day note receivable to replace a $2550 accounts receivable due that day. The interest rate on the note is 9%. May 20: Sold 6 printers to Captain Marvel Inc. using a VISA card to pay for the transaction. A 6.75% service fee is charged by VISA. May 22: Sold 142.5 printers to Carol Danvers Public School on account. May 24: Returned for credit 3 damaged printers from Okoye Inc., costing $285 each. May 28: Received payment in full from Okoye Inc. for tha balance owing. May 28: Wrote off as uncollectable $5250 of accounts receivable. May 29: Paid accounts payable, $19500. May 30: Recovered an accounts receivable that was written off in April, $1500. May 31: Paid operating expenses totalling $68250. May 31: Recorded depreciation on the van and the fumiture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 8 years. The fumiture & fixtures are depreciated using the straight-line method over 8 years. There is no residual value on the fumiture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days Accounts Receivable Estinated Percentage Uncollectable 31-60 days 61-90 days 90+ days $40500 3% $21000 7.5% $6000 $1575 15% 30%